BYD cuts 1,800 jobs in vehicle sales unit, newspaper reports
BYD Co. plans to cut the number of employees at its vehicle sales unit to 800 from 2,600, the Economic Observer reported today, citing an unidentified company official.
The Chinese automaker plans to reduce the number of salesmen by 1,000 initially and may cut jobs at other departments, according to the Beijing-based newspaper.
BYD's Chief Financial Officer Wu Jingsheng was unavailable to comment, Wu's assistant said by phone.
BYD is part-owned by Warren Buffett's Berkshire Hathaway Inc. In the first six months of 2011, its profits plunged 89 percent to 275 million yuan ($43 million) as vehicle sales declined.
The Chinese automaker sold 220,131 vehicles in the first six months, down 23 percent from a year earlier.
